With less than a month until Election Day, OpenSecrets predicts that 2024’s federal election cycle is on track to be the costliest ever, with a total cost of at least $15.9 billion.
Spending will surpass the 2020 cycle’s record-smashing total of $15.1 billion.
Outside groups, essentially super PACs, have spent roughly $2.6 billion on the 2024 federal elections, outpacing spending in any previous cycle. If the current spending trends hold, OpenSecrets projects that total outside spending for the election cycle will top $5 billion.
The replacement of President Joe Biden with Kamala Harris on the Democrat ticket has spurred an enormous boost in fundraising.
Based on information provided by the Harris campaign, Harris and the Democratic Party are estimated to have raised $1 billion or more from July through September. Trump and the Republican Party raised about $430 million over the same period.
According to OpenSecrets, congressional races are also drawing record spending. Democrats outspent Republicans by more than $150 million as they seek to retain their narrow hold on the chamber.
